The Pharma World is About to Get Shaken Up: What's in Store at the JPM Conference?
The annual JPMorgan Healthcare Conference, kicking off next week, is the Super Bowl of biotech and pharma. It's where the industry's biggest players, investors, and analysts gather to set the tone for the year ahead. And this year, things are heating up. But here's where it gets controversial: with drug pricing wars seemingly on hold, will the focus shift to the looming $300 billion patent cliff? Or will obesity treatments steal the spotlight?
Imagine this: Heidi Overton, Novo Nordisk CEO Maziar Mike Doustdar, Eli Lilly CEO David A. Ricks, and U.S. Secretary of Commerce Howard Lutnick, all ears as President Trump announces a deal to slash prices on weight-loss drugs. This scene, captured by Reuters photographer Jonathan Ernst in November 2025, symbolizes a shift in the pharma landscape.
This article, originally featured in CNBC's Healthy Returns newsletter (subscribe here: https://www.cnbc.com/healthy-returns-newsletter/), delves into the key themes that will dominate the JPM conference (learn more: https://www.jpmorgan.com/about-us/events-conferences/health-care-conference).
Beyond Drug Prices: The Patent Cliff Looms Large
Remember the heated debates over drug pricing? While those concerns haven't vanished, the JPM conference might see a surprising shift in focus. Several major drugmakers, including Eli Lilly and Novo Nordisk, struck landmark deals with the Trump administration in late 2025, easing fears of sector-specific tariffs. This could mean drug pricing takes a backseat in executive-investor conversations for the first time in years.
And this is the part most people miss: the industry is staring down a massive $300 billion patent cliff by the end of the decade (https://www.evaluate.com/thought-leadership/portfolio-tactics-to-scale-the-300bn-patent-cliff/). Blockbuster drugs like Bristol Myers Squibb and Pfizer's blood thinner Eliquis and Merck's cancer immunotherapy Keytruda will soon face competition from cheaper generics.
Who's Most Vulnerable?
Bristol Myers Squibb (https://www.cnbc.com/quotes/BMY/) is particularly exposed, according to JPMorgan analysts. However, they're pinning their hopes on upcoming data readouts that could shed light on their post-2028 growth prospects.
Alzheimer's Psychosis: A New Frontier?
Investors will be watching closely as Bristol Myers Squibb presents updates on its ADEPT program, a series of trials investigating Cobenfy, a schizophrenia medication approved in 2024, for treating Alzheimer's psychosis. JPMorgan analysts see a promising outlook for these studies.
Merck's Strategic Maneuvers
Merck (https://www.cnbc.com/quotes/MRK/) seems to be navigating Keytruda's impending patent expiration more smoothly. A new subcutaneous formulation, approved in September, could safeguard a significant portion of its U.S. sales.
Pipeline Updates and Potential Acquisitions
All eyes will be on Merck's 2026 pipeline updates, potentially including results from a phase three trial of a flu prevention product acquired from Cidara Therapeutics. Rumors swirl about a potential acquisition of Revolution Medicines, a cancer drugmaker valued at over $20 billion (https://www.ft.com/content/93b4e80d-724a-4384-9e39-f6ff9474373a).
Obesity: The Next Big Thing?
The battle for dominance in the obesity treatment market will be another hot topic. Novo Nordisk (https://www.cnbc.com/quotes/NVO/) and Eli Lilly (https://www.cnbc.com/quotes/LLY/) are leading the charge with GLP-1 pills, while other drugmakers scramble to catch up.
Wegovy vs. Orforglipron: The Oral GLP-1 Race
I'm eager to learn more about Novo Nordisk's Wegovy pill launch, which began this week, and their future plans. Eli Lilly will likely provide updates on orforglipron, their oral GLP-1 expected to gain FDA approval in the first half of 2026.
Evolving Market Dynamics
Both companies will face questions about the shifting GLP-1 landscape, including direct-to-consumer marketing and Medicare coverage for obesity drugs, expected to begin mid-year.
New Entrants in the Weight Loss Arena
Established players like Amgen (https://www.cnbc.com/quotes/AMGN/), AstraZeneca (https://www.cnbc.com/quotes/AZN/), and Pfizer (https://www.cnbc.com/quotes/PFE/), which recently acquired obesity biotech Metsera, will also be under scrutiny regarding their weight loss drug ambitions.
Stay Tuned and Connect!
Be sure to follow our coverage throughout the conference. If you're attending, don't hesitate to say hello in San Francisco!
Got any tips, insights, or story ideas? Reach out to Annika at her new email: annika.constantino@versantmedia.com.
Food for Thought: With the patent cliff looming and the obesity treatment market heating up, which companies will emerge as the winners in 2026? Will the focus on innovation outweigh concerns about affordability? Let us know your thoughts in the comments!
